Security Deposits

Read Synergy North’s complete Security Deposit Policy here.

Security Deposits are charged for new accounts. We will waive Security Deposits for residential customers provided one of the following:

• a letter from either a Canadian gas or electric utility is submitted confirming a good payment history* in the previous 24 months
• proof of a minimum 700 credit score is provided
• sign up for both equal billing and pre-authorized debit

A good payment history includes:

• not more than one Disconnect Notice;
• not more than one cheque or pre-authorized payment returned for insufficient funds
• no disconnections or collect trips.

Your Security Deposit earns interest at a rate of 2% less than the Bank of Canada’s prime business rate (updated quarterly). The interest is credited to your account at least once every 12 months, on return of your security deposit or upon closure of your account, whichever comes first.

Your security deposit is reviewed after one year of full payment history. Based on this review, your deposit amount is re-calculated based on your past year’s bills. If the amount of the deposit is to be adjusted upward, the adjustment will be applied to your hydro bill and your deposit held for another year. If no adjustment is required and you have a good payment history, the deposit will be credited back to you on your hydro bill.